According to the results of a survey published on Monday by Deloitte, large companies in Britain expect the coronavirus to reduce their sales by more than a fifth this year. They expect the impact of the coronavirus to be worse than the 2007-2009 financial crisis.
The quarterly survey by Deloitte of chief financial officers at more than 100 of Britain’s largest businesses points to the biggest drop in confidence since 2007 as well as the lowest risk appetite since the global financial crisis.
“CFOs expect the lockdown to ease in May and June and demand in their own sectors to start recovering later this year. But there is no expectation of a quick snap-back in activity,” said Deloitte’s chief economist, Ian Stewart.